3M Co. (MMM) Shares Gap Up to $175.06
3M Co. (NYSE:MMM) gapped up before the market opened on Monday . The stock had previously closed at $174.96, but opened at $175.06. 3M shares last traded at $176.47, with a volume of 992,132 shares.
MMM has been the subject of several recent research reports. Morgan Stanley reiterated a “sell” rating and set a $168.00 target price on shares of 3M in a research note on Tuesday, August 23rd. Credit Suisse Group AG restated a “buy” rating and issued a $195.00 price objective on shares of 3M in a research report on Friday. Deutsche Bank AG restated a “hold” rating and issued a $164.00 price objective on shares of 3M in a research report on Thursday, August 25th. Sanford C. Bernstein restated a “market perform” rating on shares of 3M in a research report on Monday, June 27th. Finally, Jefferies Group raised their price objective on shares of 3M from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $165.18.
The firm has a market capitalization of $106.81 billion, a price-to-earnings ratio of 22.56 and a beta of 1.07. The firm’s 50 day moving average price is $178.83 and its 200 day moving average price is $171.93.
3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $2.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.01. The business earned $7.70 billion during the quarter, compared to the consensus estimate of $7.73 billion. 3M had a net margin of 16.29% and a return on equity of 41.84%. 3M’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.02 EPS. On average, analysts expect that 3M Co. will post $8.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were issued a $1.11 dividend. This represents a $4.44 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Wednesday, August 17th. 3M’s dividend payout ratio (DPR) is presently 56.63%.
In other 3M news, insider James L. Bauman sold 9,066 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $178.42, for a total value of $1,617,555.72. Following the completion of the sale, the insider now directly owns 10,834 shares of the company’s stock, valued at approximately $1,933,002.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Khandpur K. Ashish sold 1,679 shares of the stock in a transaction on Friday, July 29th. The shares were sold at an average price of $178.39, for a total transaction of $299,516.81. Following the completion of the transaction, the vice president now owns 1,011 shares of the company’s stock, valued at approximately $180,352.29. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Cable Hill Partners LLC boosted its position in shares of 3M by 5.0% in the second quarter. Cable Hill Partners LLC now owns 583 shares of the company’s stock worth $103,000 after buying an additional 28 shares in the last quarter. Reilly Financial Advisors LLC boosted its stake in shares of 3M by 38.1% in the second quarter. Reilly Financial Advisors LLC now owns 645 shares of the company’s stock worth $113,000 after buying an additional 178 shares during the period. CenturyLink Investment Management Co purchased a new stake in shares of 3M during the second quarter worth about $116,000. Jackson Grant Investment Advisers Inc. boosted its stake in shares of 3M by 7.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 706 shares of the company’s stock worth $124,000 after buying an additional 49 shares during the period. Finally, Cascade Investment Advisors Inc. purchased a new stake in shares of 3M during the second quarter worth about $125,000. Institutional investors own 65.71% of the company’s stock.
3M Company is a technology company. The Company operates through five segments. Its Industrial segment serves markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. Its Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.
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